How To Choose Quality Medical Supplies in a Time of Rising Costs...
| 01, Feb, 24
How to Choose Quality Medical Supplies in a Time of Rising Costs
If you are a health care provider, a patient, or a caregiver, you know how important it is to have access to quality medical supplies that can help you deliver or receive the best possible care. However, you may also be aware of the challenges that come with finding and affording such supplies in a time of rising costs and lower quality products in the medical field.
According to a report by PwC, the medical cost trend in 2024 is projected to be 7.0%, which is higher than the projected medical cost trend in 2022 and 2023, which was 5.5% and 6.0%, respectively1. This means that health care expenses are expected to increase faster than the general inflation rate, putting more pressure on consumers and providers alike.
One of the factors that contribute to the rising costs of health care is the increasing price of medical supplies and equipment, which are essential for diagnosis, treatment, prevention, or rehabilitation of diseases and injuries. A study by Deloitte found that health insurance prices in September 2022 were up 28% from a year earlier, which is higher than inflation growth at 8.2%2. This indicates that consumers are likely to face higher out-of-pocket costs and health insurance premiums for medical supplies in the coming months and years.
However, higher prices do not necessarily mean higher quality. In fact, some medical products may be outdated, inaccurate, biased, or even harmful, posing risks to the safety, effectiveness, and performance of health care. A report by Harvard Pilgrim Health Care highlighted some of the factors that drive the rise in health care costs, such as the increase in usage and intensity of services, the aging and expanding population, the prevalence of chronic illnesses, and the demand for mental and behavioral health support3. These factors also create more challenges and opportunities for developing and delivering high-quality medical products that meet the current and future needs of the users and the patients.
So, how can you choose quality medical supplies in a time of rising costs? Here are some tips to help you find and evaluate medical products that are worth your money and your health:
- Use reputable sources: Not all websites that provide medical information or sell medical products are reliable or trustworthy. Some may be outdated, inaccurate, biased, or even fraudulent. To avoid getting misled or misinformed, you should use reputable sources that are written or reviewed by qualified health professionals, such as doctors, nurses, pharmacists, or researchers. Look for credentials, affiliations, and contact information of the authors or sellers. You can also check the ratings, reviews, and feedback from other customers or users.
- Compare prices and quality: Before you buy any medical product, you should compare the prices and quality of different options available in the market. You can use online tools, such as price comparison websites, to find the best deals and discounts. You can also use online tools, such as quality comparison websites, to find the best ratings and reviews. However, you should not rely solely on the price or the quality of a product, but consider both factors together. Sometimes, a cheaper product may have lower quality, and a more expensive product may have higher quality. But sometimes, a cheaper product may have higher quality, and a more expensive product may have lower quality. You should weigh the pros and cons of each option and choose the one that offers the best value for your money and your health.
- Check the functionality, usability, durability, safety, and compliance of the product: Before you use any medical product, you should check its functionality, usability, durability, safety, and compliance. Functionality refers to the ability of the product to perform its intended function reliably and accurately, without errors or failures. Usability refers to the ease of use, understanding, and operation of the product, without causing confusion or frustration. Durability refers to the ability of the product to withstand normal wear and tear, and maintain its functionality over time. Safety refers to the absence of harm or adverse effects to the users, the patients, or the environment. Compliance refers to the adherence to the relevant standards, regulations, and guidelines that apply to the design, manufacture, distribution, and use of the product. You can check these criteria by reading the product description, instructions, labels, warnings, and certifications. You can also check these criteria by testing the product yourself or asking for a demonstration from the seller or the manufacturer.
- Seek professional advice: If you are unsure or have questions about any medical product, you should seek professional advice from your health care provider, pharmacist, or other qualified health professional. They can help you choose the right product for your specific needs and preferences, and guide you on how to use it properly and safely. They can also help you monitor and evaluate the outcomes and impacts of using the product, and advise you on how to adjust or discontinue the use if needed.
Choosing quality medical supplies in a time of rising costs can be challenging, but not impossible. By following these tips, you can find and evaluate medical products that can help you deliver or receive the best possible care, without compromising your money or your health.
